Rockfire continues work at Cardigan Dam after recent gold results
By Josh White
Date: Monday 20 May 2019
(Sharecast News) - Gold and base metal-focussed resource company Rockfire Resources announced on Monday that recent soil sampling at the Cardigan Dam Prospect - part of the Lighthouse tenement in Queensland, Australia - has returned a "promising" gold-in-soil anomaly.
The AIM-traded firm said two broad gold-in-soil anomalous trends had been detected, with each trend approximately 400 metres long and 100 metres wide in dimension.
It said the anomaly remained open along strike length, with soil results up to 205 ppb - or 0.2ppm - of gold, and 14% of all soil samples returning results above 20 ppb gold.
Historical rock samples had identified anomalous gold up to 11.4 grams per tonne at surface, the company added.
Cardigan Dam lay within the southern limits of the Lighthouse tenement.
As part of the recent soil survey at Cardigan, 240 soil samples were collected over an area of around 400 metres by 400 metres.
Exploration at Cardigan Dam was initiated as part of Rockfire's on-going, systematic assessment of each of its gold and copper targets within the Lighthouse tenement, the board explained.
"Rockfire's strategy of systematic, cost-effective and rapid appraisal of each of its prospects has resulted in the definition of a distinct gold-in-soil anomaly at the Cardigan Dam Prospect," said chief executive officer David Price.
"The gold values, up to 0.2ppm, represent strong anomalism and provide a clear target for further investigation.
"The gold-in-soil distribution outlines two linear zones and suggests an intersection of a northeast and an east-west structure, with the intersection point being in the north-eastern corner of the survey grid."
Price said that importantly, the gold strengthened towards the north of the strike area and extended beyond the limits of the survey.
"For this reason, the company's systematic evaluation of Cardigan Dam will extend the soil sampling to the north, to explore the extent of surface mineralisation.
"The market will be informed as we progress our exploration of this prospect."
In the meantime, David Price added that access to Copperhead was being re-established following the wet season in Queensland.
"An IP geophysical survey is planned for Copperhead in order to determine if sulphide accumulations can be detected at depths below 150 metres from surface."
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